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It depends how you're structured. You
know. One of the things we look

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at with our clients why when we
have an initial conversation like what is your

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structure, because it, you know, boils down to your tax situation.

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You know, depends on you know, if you have outside equity, or

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you have investors, or you have
partners. You're listening to Carrie Let's's Financial

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Survival Network where you get valuable information
you just can't find anywhere else to thrive

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in today's trying times. You need
the Financial Survival Network now more than ever.

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Go to Financial Survivalnetwork dot com and
get your free newsletter and gift.

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Financial Survival Network now more than ever, and welcome you are listening to watching

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the Financial Survival Network. I'm your
host, Carrie. Let's say we're already

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in the second week of December.
Year is almost gone. If you haven't

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started thinking about your taxes, well
you're late to the game. But you

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better start now. And the person
you're about to hear from, Chase and

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Sonya, can help you do just
that. Chase, great to have you

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on the show, first time guest. So getting to the end of the

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year, what can you do right
now? Three things that will save you

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taxes even though you're at the end
of the year. Here, Well,

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one, if you don't have a
CPA, certainly get one. Two.

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You know, if you're looking to
make any big purchases you know in Q

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one, uh you know Q two
dex sure you may want to consider making

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those for Section one seventy nine deduction
or you know, a bonus appreciation.

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And then three you know, if
there's any box sales you need to make

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to cover gains you know on high
portfolios, that's something you might want to

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look at too, just to offset
any long term or short term games you

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have. Okay, I'll buy that. Well, you don't have to think

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too hard. I'll bet you could
think of three more, couldn't you.

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If you need me to, I
can keep going down the list there,

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Yeah, give us, give us
two more, Okay, I don't want

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to hacks your brain too much.
Yeah, you know, certainly, you

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know, I mean just from a
basic level. You know, we have

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a lot of conversations. People don't
even have LLC set up right now,

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so you know, looking at do
it an ll CES Corp. If you're

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a kind of one owner consultant,
been making a bunch of money this year,

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or you have an existing LLC and
you know you've heard about an escor

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relection, but you're not sure if
it applies to you. That's what we

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mainly focus on here is maximizing es, CORP election and tax savings. So

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those are a couple of things I
would recommend looking at. If you haven't

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already, all right, well I'll
buy it. So from your standpoint,

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you're working with business owners, what
do you think the three most common things

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they do wrong? Besides not hiring
a CPA, that'd be number one,

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you know, number two just having
clean books. You know, we're we're

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more proactive with our clients, so
we're you know, trying to look into

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December thirty first, not waiting till
March to get your books and then follow

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return, you know, being reactive
to things with our clients on a weekly,

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monthly, quarterly basis. You know, we're making sure their books are

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cleaned up, data entered every three
business days, reconciled at the end of

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the month, and we use that
for taxes and tax planning. So it

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comes down to like escort ownership,
you know, are you paying yourself a

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reasonable salary? Is it more than
it needs to be. We have like

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an ESCORP test to figure that out. And then retirement savings. You know,

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I'm very big on trying to say
while you're building your business and just

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putting something away so at the end
of the row, you know you have

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something to fall back on, because
I think Forbes Forbes says like eighty five

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percent of businesses actually never sell.
So you know a lot of people shouldn't

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just any building wealth while they're building
their business. And so that's a big

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thing we try to push here is
just something. But those are the things

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we're looking at. You know,
paying your kids, paying your spells,

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kind of things you're in certainly right
now, like immediately, but we try

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to be more proactive throughout the year
with our clients. Uh. And that's

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why we keep track of the data
to make sure run track for things.

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Sure, Hey, so how does
that work when you pay your kids?

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So, I mean, you know, our our minimum age is kind of

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five unless you have like a marketing
reason for it. But you know,

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five years old, five year olds, can you know at least clean the

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office, uh, without without hand
holding hopefully and but you know, have

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a job description. You know you
want to pay them regularly. It doesn't

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really look uh, you know,
kosher when you're just paying them a lump

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some amount every December. But the
irs if you ever get audited, so

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you know, working through the summertime
and then uh in the winter when they're

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off would be ideal. But we
we recommend contributing that money to a child

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roth ira. No, it's growing
tech free for the purpose of education,

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medical expenses, you know, purchase
of a first home, retirement. They're

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gonna have one of those four.
You know, if you're already doing a

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five twenty nine planning, you own
a business, it makes sense to pay

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your kids uh and max out the
roth first and then go back to the

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five twenty nine because you get a
bit of a deduction. Obviously there's a

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little bit of cost by a tax
costs to it, but you know,

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it allows to go tax free over
the course, you know, over the

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course of their life. So they're
eighteen and some people don't decide to go

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to college, they can do what
they want with the money. Again,

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medical expenses, purchase of a first
home you prefer, retirement, you know

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those stay like five twenty nine.
You might get text on that money if

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you don't use A for education.
So that's one of the kind of things

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we recommend for kids where we're doing
Q four tax planning and maxing that out

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for clients. And what's the maximum
you can pay your kid, you know,

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for I believe it's like over fourteen
thousands somewhere around there. But but

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we don't you know, if you're
anes corp, we don't recommend paying them

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that much. We're only trying to
net out sixty five hundred this year to

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contribute to the ROTH. Otherwise you're
just wasting bike A taxes if you're a

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If you're a sole proprietor and your
maxim that out, then you probably shouldn't

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be a sole proprietor and you probably
should consider ESCORB when you look at your

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entire tax situation. Okay, all
right, I like it, so uh,

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all right, you're giving us a
lot to chew on there. All

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right, as far as it's never
too early to start planning for next year,

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right, what are some things you
should be thinking about for next year?

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You know? Certainly thing we're organized, Like I said, we try

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to be proactive with our clients.
So if you don't already have someone you

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know helping with your accounting. And
you know you have making two three hundred

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thousand and revenue plus we necessarily recommend
doing some ongoing accounting. And I don't

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know when you look at for dentire
Hey, you give it us enough there,

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all right? I kind of threw
that one at you. We appreciate

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it. Hey, So I guess
in concluding here, Uh, you know,

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I saw an article recently it's a
ninety six percent of people, and

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I guess that would include businesses because
under the Supreme Court's definition, uh,

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a business is a legal uh a
fictitious person. Right, they pay more

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taxes than they should do you think
that's like accurate? Uh? And bends

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how you're structured. You know,
one of the things we look at with

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our clients when they when we have
an initial conversation like what is your structure?

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Because it you know, boils down
to your tech situation. You know,

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ends on you know, if you
have outside equity or you have investors,

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or you have partners, you know, what is the split? You

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know a lot of people do like
husband and wife ownership in an escort,

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which unless you have a pre nub
and a community property state like we're in

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in Texas. Doesn't make sense unless
you're trying to do like woman owned business

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or something. But uh, you
know, because you're having to waste fight

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attacks and paying both of you versus
one, right, so it really boils

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down to you know, structure,
and that's one of the things we look

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at initially. Okay, So so
it's never too early to start planning.

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Hey, Chase, people want to
find out more about you, connect with

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you on the web, and perhaps
even hire you. How do you do

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that? Yeah, please reach out
to us and SONYACPA dot com, I

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N s O G N A a
PA dot com and feel like the contact

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does for him. You know,
we'll get somebody to you quickly as possible.

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We have and we usually call people
back the same day or you know,

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respond back by email the same day, so business day. But you

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know, we have a team here
of twenty two people currently, so me

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doing all the work. But you
know we're happy to help from an accounting

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tech perspective and be more proactive with
your tax planning going forward. All right,

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appreciate that if you've got a question
for Chase myself, you can only

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shoot me an email and the link
to Chase's site will be the show notes

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to this interview on Financial Survival Network
dot com. Just click it. Chase

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appreciate you coming on and we'll talk
to you again soon. Thanks for having

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me, Thanks for listening to carry
Letz's Financial Survival Network, your solution to

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today's trying times. For the latest, go to Financial Survivalnetwork dot com.

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Financial Survival Network now more than ever,